Cricket betting terminologies may often seem difficult to understand and confusing, especially if you are a newcomer to the world of betting. However, a sound knowledge of the basics of betting, and different types of bets go a long way in helping you win some money. How to set book in cricket betting?
Let’s try to understand.
How to set book in cricket betting?
Setting a book in cricket is similar to hedging your bets. It is done in order to ensure that no matter what the outcome of the match is, you will end up winning at least some money. Let’s try to understand book setting with an example.
In a match between India and Australia, the Australian team is starting as a favorite. So you place a `back´ bet, meaning you place a bet for Australia to win. As the game progresses, the Indian team plays well and has a shot at winning. At that juncture, you can place a `lay´ bet on Australia, meaning that you place a bet on Australia to lose. The amount that you wager on your `lay´ bet depends on your initial `back´ bet, as well as the prevailing odds when you placed the bet.
The stake for your second bet should be sufficient to cover your losses, if they do occur, and leave you with some profit.
Therefore, at the end of the game, no matter if Australia wins or loses, you will end up winning some money, or at least breaking even.
How to set book in cricket betting? Setting a book is easier on betting exchanges like Betfair as they allow for both `back´ and `lay´ bets. Book setting requires some complex calculations, so be sure that you understand the bets correctly and have your stakes worked out for both the bets correctly, or else you might end up losing money on both the bets.